Clifford Chance advises investor consortium including APG and GIC on $10.45 billion acquisition from TenneT Holding

The capital-raising side is TenneT Germany, whose expansion needs are being funded by an investor consortium including APG, investing on behalf of Dutch pension fund ABP, and Singapore sovereign wealth fund GIC. The transaction is framed as securing the equity required for TenneT Germany's high-voltage grid build-out.
The deal is an investment of up to EUR 9.5 billion into TenneT Germany by institutional investors, providing an equity funding package rather than debt financing. The consortium includes APG and GIC under an agreement announced with TenneT Holding.
Signing was announced on 2025-09-24, with completion expected in the first half of 2026 subject to customary conditions including regulatory clearances. Post-closing, TenneT Netherlands and TenneT Germany are expected to continue cooperating in strategic areas including the 2GW offshore-grid rollout programme.

The capital-raising side is TenneT Germany, whose expansion needs are being funded by an investor consortium including APG, investing on behalf of Dutch pension fund ABP, and Singapore sovereign wealth fund GIC. The transaction is framed as securing the equity required for TenneT Germany's high-voltage grid build-out.
The deal is an investment of up to EUR 9.5 billion into TenneT Germany by institutional investors, providing an equity funding package rather than debt financing. The consortium includes APG and GIC under an agreement announced with TenneT Holding.
Signing was announced on 2025-09-24, with completion expected in the first half of 2026 subject to customary conditions including regulatory clearances. Post-closing, TenneT Netherlands and TenneT Germany are expected to continue cooperating in strategic areas including the 2GW offshore-grid rollout programme.

Deal Overview